Posted: Mon Oct 19, 2009 5:01 pm Post subject: home alone
If a friend allowed me to purchase a House through him, meaning the mortgage is in his name but both of our names are on the title and he gave me power of attorney for all transactions toward the house such as the mortgage and anything else that arises from the house to act on his behalf and I alone live in the house and pay all of the bills regarding the house mortgage, taxes, water etc.., what are my rights to the house in case of his death. we are not married, we are not in any kind of relationship other than friends what are my rights.[/size]
As your name is on the property title, you would be considered as one of the owners of the property. Thus, you have equal rights to the property as your friend. If he has no heirs, then you can file an affidavit of heirship and transfer the property in your name after his death.
His part of the property would pass to his heirs. If he has no heirs, it passes to the state government (a process called "escheat"). _________________ Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.
Can we do a Quit Claim Deed with me having full ownership to the house and allowing him to still be on the mortgage without having to go through the expenses of refinancing the home to have his name removed.
You can transfer the property solely in your name. However, you will have to refinance the loan once you do so. If the lender comes to know about the transfer of the property later on, he may penalize you and call the loan due immediately. _________________ Procrastination is the enemy of your financial sucess
quehic1
